Australian AI camera tech developer Acusensus is set to debut on the Australian Securities Exchange with an $100 million valuation.
Acusensus, a Melbourne-based artificial intelligence (AI) camera technology company, is preparing for a $100 million debut on the Australian Securities Exchange (ASX) on January 12th, 2023. The developer’s world-leading AI tech enables the detection of drivers illegally using their phones through a camera, and is currently in use in New South Wales (NSW), Queensland, and the Australian Capital Territory (ACT).
The NSW government also utilises Acusensus’ point-to-point speed detection system to detect average vehicular traffic speeds. This quick uptake from local legislation has led to a revenue increase of $28.7 million in the fiscal year of 2022, compared to $2.3 million in 2020, forecasting a continued upwards trajectory of $36.9 million this year.
Aiming to expand their road safety solutions across the globe, with an eye on US and European markets, as the first of its kind technology, Acusensus will further develop their AI to monitor driver fatigue and impairment from drugs and alcohol consumption.
“It’s easy now in 2023 to say that of course we can use AI to work out if someone is using a mobile phone in a car, but back in 2018 it was by no means obvious,” shared Alexander Jannink, the Co-founder and CEO of Acusensus, “the number of smartphones in circulation was rising exponentially from 2013 onwards and this wasn’t really being talked about at the time. We’re trying to solve a global problem and we’ve demonstrated our technology in five continents through pilot programmes.”
Acusensus has “a number of material contracts and tender opportunities,” with governments in Australia, alongside contracts in the US and India. Its revenue is service-based.
“We build the cameras, we own them and then put them where the government wants us to and that can be on trailers, at fixed sites or in cars. We certify [them], maintain them, and ensure the chain of custody, so whatever we record can be prosecuted in a court of law. We also provide the first level of human review of the data and then send it to our clients as confirmed evidence of drivers who aren’t obeying the road rules,” added Alexander.
In NSW, and coincidentally since the implementation of Acusensus’ cameras, the road toll in NSW has decreased from 352 deaths in 2019 to 288 in 2022. Although their AI technology is dependent on data collection, the Co-founder emphasised that “privacy remains an important consideration for the company.”
Acusencus is raising $20 million through its initial public offering (IPO), and will issue five million shares at $4 each. Through the funds raised, they will research and develop their solutions alongside further expansion into international markets, eyeing the US as its potential biggest market.
Featured banner image credit: @acusensus
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